Markets

JPMorgan unveils ChatGPT AI model for Fed Speak decoding

JPMorgan Chase has unveiled a new artificial intelligence model that predicts stock market movements based on Federal Reserve data. The bank names the scale used as the Hawk-Dove score.

Multinational financial services company JPMorgan Chase has unveiled a new artificial intelligence model that can predict stock market movement from data released by the Federal Reserve.

The tool uses ChatGPT to interpret data released by the Federal Reserve, which is an increasingly popular use case.

JPMorgan Chase is working on several AI use cases

The tool is a ChatGPT-based language model for grading the impact it might have on stock movements. The investment bank believes this is the Hawk-Dove score. “Initial orders are encouraging,” said Joseph Lupton, the bank’s economist.

For example, the model showed “an increase in optimism among Fed speakers between meetings, the next policy statement becoming more hawkish, and one-year government bond yields advancing.”

A 10-point increase in the scale equates to a 10-percentage-point increase in the probability of a 25 basis-point increase in the next central bank’s policy meeting. Over the next few months, more than 30 central banks will use this model.

Fed Dove Hook Rating | FT

JPMorgan Chase wasn’t shy about it Technology use in her works. Artificial intelligence, in particular, was something the bank was looking at, with more than that 300 use cases It is said in production. CEO Jamie Dimon said the technology is groundbreaking.

ChatGPT has been responsible for this massive push in AI-powered products. On the part of JPMorgan Chase, it is spending more than $2 billion to build cloud-based data centers.

Dropbox cuts its workforce to focus on AI-powered products

Many technology companies have made AI a big part of their growth strategies. The latest to join this crowd is Dropbox, which is going broke 16% of its workforce to recruit talent for AI-powered products. The company has shifted some of its employees to focus on this new strategy and is keen to introduce new products to increase revenue.

With the growing interest in artificial intelligence, many prominent individuals and entities have called for regulation. This includes Elon Musk, John Legend, and the Chinese government. Musk, who has resigned from the board of directors of OpenAI, has criticized the pace of development of artificial intelligence. Meanwhile, the legend worried On the implications of AI-generated music.

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